EZCORP Reports Third Quarter Fiscal 2025 Results
Continued Top-line Momentum Drives Exceptional Earnings Growth
AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.
Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.
THIRD QUARTER HIGHLIGHTS
Pawn loans outstanding (PLO) increased 11% to $291.6 million.
Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Adjusted EBITDA increased 42% to $45.2 million.
Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.
CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.
“During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.
“Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”
CONSOLIDATED RESULTS
Three Months Ended June 30 | As Reported |
| Adjusted1 | ||||||||
in millions, except per share amounts |
| 2025 |
|
| 2024 |
|
| 2025 |
|
| 2024 |
|
|
|
|
|
|
|
| ||||
Total revenues | $ | 311.0 |
| $ | 281.4 |
| $ | 319.9 |
| $ | 281.4 |
Gross profit | $ | 183.6 |
| $ | 166.7 |
| $ | 188.4 |
| $ | 166.7 |
Income before tax | $ | 34.7 |
| $ | 23.0 |
| $ | 34.0 |
| $ | 22.9 |
Net income | $ | 26.5 |
| $ | 18.0 |
| $ | 25.2 |
| $ | 17.2 |
Diluted earnings per share | $ | 0.34 |
| $ | 0.25 |
| $ | 0.33 |
| $ | 0.24 |
EBITDA (non-GAAP measure) | $ | 45.7 |
| $ | 31.8 |
| $ | 45.2 |
| $ | 31.7 |
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|
PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
PSC increased 7% as a result of higher average PLO.
Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
Store expenses increased 2% and 1% on a same-store basis.
General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.
SEGMENT RESULTS
U.S. Pawn
PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
Store expenses increased 3% on a total and same-store basis.
Segment contribution increased 32% to $47.6 million.
Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.
Latin America Pawn
PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.
FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.
CONFERENCE CALL
EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.
Follow us on social media:
Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company's strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220
EZCORP, Inc. | |||||||||||||||
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| Three Months Ended |
| Nine Months Ended | ||||||||||||
(in thousands, except per share amounts) |
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
Revenues: |
|
|
|
|
|
|
| ||||||||
Merchandise sales | $ | 168,624 |
|
| $ | 158,140 |
|
| $ | 524,434 |
|
| $ | 502,230 |
|
Jewelry scrapping sales |
| 26,970 |
|
|
| 15,395 |
|
|
| 64,640 |
|
|
| 43,191 |
|
Pawn service charges |
| 115,339 |
|
|
| 107,830 |
|
|
| 348,262 |
|
|
| 321,442 |
|
Other revenues |
| 48 |
|
|
| 56 |
|
|
| 131 |
|
|
| 188 |
|
Total revenues |
| 310,981 |
|
|
| 281,421 |
|
|
| 937,467 |
|
|
| 867,051 |
|
Merchandise cost of goods sold |
| 108,226 |
|
|
| 101,211 |
|
|
| 341,605 |
|
|
| 322,680 |
|
Jewelry scrapping cost of goods sold |
| 19,116 |
|
|
| 13,483 |
|
|
| 48,367 |
|
|
| 37,479 |
|
Gross profit |
| 183,639 |
|
|
| 166,727 |
|
|
| 547,495 |
|
|
| 506,892 |
|
Operating expenses: |
|
|
|
|
|
|
| ||||||||
Store expenses |
| 119,123 |
|
|
| 116,335 |
|
|
| 352,101 |
|
|
| 341,472 |
|
General and administrative |
| 21,780 |
|
|
| 20,060 |
|
|
| 60,089 |
|
|
| 54,869 |
|
Depreciation and amortization |
| 8,003 |
|
|
| 8,158 |
|
|
| 24,358 |
|
|
| 24,942 |
|
Loss (gain) on sale or disposal of assets and other |
| — |
|
|
| 20 |
|
|
| 25 |
|
|
| (149 | ) |
Other operating income |
| (1,262 | ) |
|
| — |
|
|
| (1,262 | ) |
|
| (765 | ) |
Total operating expenses |
| 147,644 |
|
|
| 144,573 |
|
|
| 435,311 |
|
|
| 420,369 |
|
Operating income |
| 35,995 |
|
|
| 22,154 |
|
|
| 112,184 |
|
|
| 86,523 |
|
Interest expense |
| 8,458 |
|
|
| 3,539 |
|
|
| 14,886 |
|
|
| 10,381 |
|
Interest income |
| (5,440 | ) |
|
| (2,931 | ) |
|
| (9,408 | ) |
|
| (8,452 | ) |
Equity in net income of unconsolidated affiliates |
| (1,200 | ) |
|
| (1,263 | ) |
|
| (4,180 | ) |
|
| (4,135 | ) |
Other (income) expense |
| (536 | ) |
|
| (191 | ) |
|
| 377 |
|
|
| (627 | ) |
Income before income taxes |
| 34,713 |
|
|
| 23,000 |
|
|
| 110,509 |
|
|
| 89,356 |
|
Income tax expense |
| 8,210 |
|
|
| 5,050 |
|
|
| 27,600 |
|
|
| 21,457 |
|
Net income | $ | 26,503 |
|
| $ | 17,950 |
|
| $ | 82,909 |
|
| $ | 67,899 |
|
|
|
|
|
|
|
|
| ||||||||
Basic earnings per share | $ | 0.45 |
|
| $ | 0.33 |
|
| $ | 1.47 |
|
| $ | 1.23 |
|
Diluted earnings per share | $ | 0.34 |
|
| $ | 0.25 |
|
| $ | 1.08 |
|
| $ | 0.89 |
|
|
|
|
|
|
|
|
| ||||||||
Weighted-average basic shares outstanding |
| 59,134 |
|
|
| 54,898 |
|
|
| 56,308 |
|
|
| 55,022 |
|
Weighted-average diluted shares outstanding |
| 82,918 |
|
|
| 83,008 |
|
|
| 83,144 |
|
|
| 84,309 |
|
|
|
|
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EZCORP, Inc. | |||||||||||
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(in thousands, except share and per share amounts) | June 30, |
| June 30, |
| September 30, | ||||||
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Assets: |
|
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Current assets: |
|
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Cash and cash equivalents | $ | 472,088 |
|
| $ | 218,038 |
|
| $ | 170,513 |
|
Short-term restricted cash |
| 9,609 |
|
|
| 9,204 |
|
|
| 9,294 |
|
Pawn loans |
| 291,634 |
|
|
| 261,720 |
|
|
| 274,084 |
|
Pawn service charges receivable, net |
| 45,410 |
|
|
| 40,638 |
|
|
| 44,013 |
|
Inventory, net |
| 225,489 |
|
|
| 171,937 |
|
|
| 191,923 |
|
Prepaid expenses and other current assets |
| 43,417 |
|
|
| 40,391 |
|
|
| 39,171 |
|
Total current assets |
| 1,087,647 |
|
|
| 741,928 |
|
|
| 728,998 |
|
Investments in unconsolidated affiliates |
| 13,753 |
|
|
| 12,297 |
|
|
| 13,329 |
|
Other investments |
| 51,903 |
|
|
| 51,220 |
|
|
| 51,900 |
|
Property and equipment, net |
| 67,439 |
|
|
| 59,926 |
|
|
| 65,973 |
|
Right-of-use assets, net |
| 236,064 |
|
|
| 235,030 |
|
|
| 226,602 |
|
Long-term restricted cash |
| 5,380 |
|
|
| — |
|
|
| — |
|
Goodwill |
| 321,907 |
|
|
| 308,847 |
|
|
| 306,478 |
|
Intangible assets, net |
| 57,960 |
|
|
| 60,164 |
|
|
| 58,451 |
|
Deferred tax asset, net |
| 25,841 |
|
|
| 25,245 |
|
|
| 25,362 |
|
Other assets, net |
| 15,174 |
|
|
| 15,506 |
|
|
| 16,144 |
|
Total assets | $ | 1,883,068 |
|
| $ | 1,510,163 |
|
| $ | 1,493,237 |
|
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Liabilities and equity: |
|
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Current liabilities: |
|
|
|
|
| ||||||
Current maturities of long-term debt, net | $ | — |
|
| $ | 137,326 |
|
| $ | 103,072 |
|
Accounts payable, accrued expenses and other current liabilities |
| 78,756 |
|
|
| 69,742 |
|
|
| 85,737 |
|
Customer layaway deposits |
| 33,336 |
|
|
| 20,067 |
|
|
| 21,570 |
|
Operating lease liabilities, current |
| 60,183 |
|
|
| 58,905 |
|
|
| 58,998 |
|
Total current liabilities |
| 172,275 |
|
|
| 286,040 |
|
|
| 269,377 |
|
Long-term debt, net |
| 517,601 |
|
|
| 223,998 |
|
|
| 224,256 |
|
Deferred tax liability, net |
| 2,017 |
|
|
| 416 |
|
|
| 2,080 |
|
Operating lease liabilities |
| 184,295 |
|
|
| 188,996 |
|
|
| 180,616 |
|
Other long-term liabilities |
| 16,822 |
|
|
| 9,258 |
|
|
| 12,337 |
|
Total liabilities |
| 893,010 |
|
|
| 708,708 |
|
|
| 688,666 |
|
Commitments and contingencies |
|
|
|
|
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Stockholders’ equity: |
|
|
|
|
| ||||||
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024 |
| 580 |
|
|
| 518 |
|
|
| 516 |
|
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 |
| 30 |
|
|
| 30 |
|
|
| 30 |
|
Additional paid-in capital |
| 448,073 |
|
|
| 347,082 |
|
|
| 348,366 |
|
Retained earnings |
| 586,549 |
|
|
| 493,830 |
|
|
| 507,206 |
|
Accumulated other comprehensive loss |
| (45,174 | ) |
|
| (40,005 | ) |
|
| (51,547 | ) |
Total equity |
| 990,058 |
|
|
| 801,455 |
|
|
| 804,571 |
|
Total liabilities and equity | $ | 1,883,068 |
|
| $ | 1,510,163 |
|
| $ | 1,493,237 |
|
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EZCORP, Inc. | |||||||
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| Nine Months Ended | ||||||
(in thousands) |
| 2025 |
|
|
| 2024 |
|
|
| ||||||
Operating activities: |
|
|
| ||||
Net income | $ | 82,909 |
|
| $ | 67,899 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
Depreciation and amortization |
| 24,358 |
|
|
| 24,942 |
|
Amortization of deferred financing costs |
| 1,238 |
|
|
| 1,212 |
|
Non-cash lease expense |
| 43,889 |
|
|
| 43,999 |
|
Deferred income taxes |
| (542 | ) |
|
| 438 |
|
Other adjustments |
| (1,877 | ) |
|
| 69 |
|
Provision for inventory reserve |
| 39 |
|
|
| 589 |
|
Stock compensation expense |
| 9,213 |
|
|
| 7,945 |
|
Equity in net income from investment in unconsolidated affiliates |
| (4,180 | ) |
|
| (4,135 | ) |
Changes in operating assets and liabilities, net of business acquisitions: |
|
|
| ||||
Pawn service charges receivable |
| (364 | ) |
|
| (1,593 | ) |
Inventory |
| (9,205 | ) |
|
| (2,775 | ) |
Prepaid expenses, other current assets and other assets |
| (74 | ) |
|
| (3,625 | ) |
Accounts payable, accrued expenses and other liabilities |
| (58,023 | ) |
|
| (65,396 | ) |
Customer layaway deposits |
| 11,276 |
|
|
| 1,055 |
|
Income taxes |
| (927 | ) |
|
| (360 | ) |
Net cash provided by operating activities |
| 97,730 |
|
|
| 70,264 |
|
Investing activities: |
|
|
| ||||
Loans made |
| (738,670 | ) |
|
| (683,121 | ) |
Loans repaid |
| 417,734 |
|
|
| 391,297 |
|
Recovery of pawn loan principal through sale of forfeited collateral |
| 291,903 |
|
|
| 272,781 |
|
Capital expenditures, net |
| (23,051 | ) |
|
| (16,870 | ) |
Acquisitions, net of cash acquired |
| (17,093 | ) |
|
| (11,963 | ) |
Proceeds from note receivable |
| 241 |
|
|
| 1,100 |
|
Investment in unconsolidated affiliate |
| (718 | ) |
|
| (993 | ) |
Investment in other investments |
| — |
|
|
| (15,000 | ) |
Dividends from unconsolidated affiliates |
| 3,614 |
|
|
| 3,535 |
|
Net cash used in investing activities |
| (66,040 | ) |
|
| (59,234 | ) |
Financing activities: |
|
|
| ||||
Taxes paid related to net share settlement of equity awards |
| (3,971 | ) |
|
| (3,253 | ) |
Proceeds from borrowings |
| 300,000 |
|
|
| — |
|
Debt issuance cost |
| (7,563 | ) |
|
| — |
|
Payments on assumed debt |
| (6,410 | ) |
|
| — |
|
Purchase and retirement of treasury stock |
| (6,000 | ) |
|
| (9,009 | ) |
Payments of finance leases |
| (450 | ) |
|
| (386 | ) |
Net cash provided by (used in) financing activities |
| 275,606 |
|
|
| (12,648 | ) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
| (26 | ) |
|
| (108 | ) |
Net increase in cash, cash equivalents and restricted cash |
| 307,270 |
|
|
| (1,726 | ) |
Cash and cash equivalents and restricted cash at beginning of period |
| 179,807 |
|
|
| 228,968 |
|
Cash and cash equivalents and restricted cash at end of period | $ | 487,077 |
|
| $ | 227,242 |
|
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EZCORP, Inc. | ||||||||||||||||||||||
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| Three Months Ended June 30, 2025 | |||||||||||||||||||||
(in thousands) | U.S. Pawn |
| Latin America Pawn |
| Other Investments |
| Total Segments |
| Corporate Items |
| Consolidated | |||||||||||
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Revenues: |
|
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Merchandise sales | $ | 112,249 |
| $ | 56,375 |
|
| $ | — |
|
| $ | 168,624 |
|
| $ | — |
|
| $ | 168,624 |
|
Jewelry scrapping sales |
| 23,750 |
|
| 3,220 |
|
|
| — |
|
|
| 26,970 |
|
|
| — |
|
|
| 26,970 |
|
Pawn service charges |
| 83,930 |
|
| 31,409 |
|
|
| — |
|
|
| 115,339 |
|
|
| — |
|
|
| 115,339 |
|
Other revenues |
| 31 |
|
| 17 |
|
|
| — |
|
|
| 48 |
|
|
| — |
|
|
| 48 |
|
Total revenues |
| 219,960 |
|
| 91,021 |
|
|
| — |
|
|
| 310,981 |
|
|
| — |
|
|
| 310,981 |
|
Merchandise cost of goods sold |
| 69,084 |
|
| 39,142 |
|
|
| — |
|
|
| 108,226 |
|
|
| — |
|
|
| 108,226 |
|
Jewelry scrapping cost of goods sold |
| 16,814 |
|
| 2,302 |
|
|
| — |
|
|
| 19,116 |
|
|
| — |
|
|
| 19,116 |
|
Gross profit |
| 134,062 |
|
| 49,577 |
|
|
| — |
|
|
| 183,639 |
|
|
| — |
|
|
| 183,639 |
|
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Store expenses |
| 83,778 |
|
| 35,345 |
|
|
| — |
|
|
| 119,123 |
|
|
| — |
|
|
| 119,123 |
|
General and administrative |
| — |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 21,780 |
|
|
| 21,780 |
|
Depreciation and amortization |
| 2,651 |
|
| 2,156 |
|
|
| — |
|
|
| 4,807 |
|
|
| 3,196 |
|
|
| 8,003 |
|
Other operating income |
| — |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (1,262 | ) |
|
| (1,262 | ) |
Interest expense |
| — |
|
| 71 |
|
|
| — |
|
|
| 71 |
|
|
| 8,387 |
|
|
| 8,458 |
|
Interest income |
| — |
|
| (427 | ) |
|
| (604 | ) |
|
| (1,031 | ) |
|
| (4,409 | ) |
|
| (5,440 | ) |
Equity in net (income) loss of unconsolidated affiliates |
| — |
|
| — |
|
|
| (1,409 | ) |
|
| (1,409 | ) |
|
| 209 |
|
|
| (1,200 | ) |
Other expense (income) |
| — |
|
| (12 | ) |
|
| — |
|
|
| (12 | ) |
|
| (524 | ) |
|
| (536 | ) |
Segment contribution | $ | 47,633 |
| $ | 12,444 |
|
| $ | 2,013 |
|
| $ | 62,090 |
|
|
|
|
| ||||
Income (loss) before income taxes |
|
|
|
|
|
| $ | 62,090 |
|
| $ | (27,377 | ) |
| $ | 34,713 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Three Months Ended June 30, 2024 | ||||||||||||||||||||||
(in thousands) | U.S. Pawn |
| Latin America Pawn |
| Other Investments |
| Total Segments |
| Corporate Items |
| Consolidated | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Merchandise sales | $ | 107,849 |
|
| $ | 50,291 |
|
| $ | — |
|
| $ | 158,140 |
|
| $ | — |
|
| $ | 158,140 |
|
Jewelry scrapping sales |
| 13,757 |
|
|
| 1,638 |
|
|
| — |
|
|
| 15,395 |
|
|
| — |
|
|
| 15,395 |
|
Pawn service charges |
| 77,416 |
|
|
| 30,414 |
|
|
| — |
|
|
| 107,830 |
|
|
| — |
|
|
| 107,830 |
|
Other revenues |
| 28 |
|
|
| 28 |
|
|
| — |
|
|
| 56 |
|
|
| — |
|
|
| 56 |
|
Total revenues |
| 199,050 |
|
|
| 82,371 |
|
|
| — |
|
|
| 281,421 |
|
|
| — |
|
|
| 281,421 |
|
Merchandise cost of goods sold |
| 67,229 |
|
|
| 33,982 |
|
|
| — |
|
|
| 101,211 |
|
|
| — |
|
|
| 101,211 |
|
Jewelry scrapping cost of goods sold |
| 11,887 |
|
|
| 1,596 |
|
|
| — |
|
|
| 13,483 |
|
|
| — |
|
|
| 13,483 |
|
Gross profit |
| 119,934 |
|
|
| 46,793 |
|
|
| — |
|
|
| 166,727 |
|
|
| — |
|
|
| 166,727 |
|
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Store expenses |
| 81,441 |
|
|
| 34,894 |
|
|
| — |
|
|
| 116,335 |
|
|
| — |
|
|
| 116,335 |
|
General and administrative |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 20,060 |
|
|
| 20,060 |
|
Depreciation and amortization |
| 2,408 |
|
|
| 2,090 |
|
|
| — |
|
|
| 4,498 |
|
|
| 3,660 |
|
|
| 8,158 |
|
(Gain) loss on sale or disposal of assets and other |
| (2 | ) |
|
| 22 |
|
|
| — |
|
|
| 20 |
|
|
| — |
|
|
| 20 |
|
Interest expense |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 3,539 |
|
|
| 3,539 |
|
Interest income |
| — |
|
|
| (370 | ) |
|
| (605 | ) |
|
| (975 | ) |
|
| (1,956 | ) |
|
| (2,931 | ) |
Equity in net (income) loss of unconsolidated affiliates |
| — |
|
|
| — |
|
|
| (1,406 | ) |
|
| (1,406 | ) |
|
| 143 |
|
|
| (1,263 | ) |
Other (income) expense |
| — |
|
|
| (184 | ) |
|
| 12 |
|
|
| (172 | ) |
|
| (19 | ) |
|
| (191 | ) |
Segment contribution | $ | 36,087 |
|
| $ | 10,341 |
|
| $ | 1,999 |
|
| $ | 48,427 |
|
|
|
|
| ||||
Income (loss) before income taxes |
|
|
|
|
|
| $ | 48,427 |
|
| $ | (25,427 | ) |
| $ | 23,000 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Nine Months Ended June 30, 2025 | ||||||||||||||||||||||
(in thousands) | U.S. Pawn |
| Latin America Pawn |
| Other Investments |
| Total Segments |
| Corporate Items |
| Consolidated | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Merchandise sales | $ | 357,964 |
|
| $ | 166,470 |
|
| $ | — |
|
| $ | 524,434 |
|
| $ | — |
|
| $ | 524,434 |
|
Jewelry scrapping sales |
| 56,146 |
|
|
| 8,494 |
|
|
| — |
|
|
| 64,640 |
|
|
| — |
|
|
| 64,640 |
|
Pawn service charges |
| 259,354 |
|
|
| 88,908 |
|
|
| — |
|
|
| 348,262 |
|
|
| — |
|
|
| 348,262 |
|
Other revenues |
| 82 |
|
|
| 49 |
|
|
| — |
|
|
| 131 |
|
|
| — |
|
|
| 131 |
|
Total revenues |
| 673,546 |
|
|
| 263,921 |
|
|
| — |
|
|
| 937,467 |
|
|
| — |
|
|
| 937,467 |
|
Merchandise cost of goods sold |
| 225,412 |
|
|
| 116,193 |
|
|
| — |
|
|
| 341,605 |
|
|
| — |
|
|
| 341,605 |
|
Jewelry scrapping cost of goods sold |
| 42,017 |
|
|
| 6,350 |
|
|
| — |
|
|
| 48,367 |
|
|
| — |
|
|
| 48,367 |
|
Gross profit |
| 406,117 |
|
|
| 141,378 |
|
|
| — |
|
|
| 547,495 |
|
|
| — |
|
|
| 547,495 |
|
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Store expenses |
| 250,399 |
|
|
| 101,702 |
|
|
| — |
|
|
| 352,101 |
|
|
| — |
|
|
| 352,101 |
|
General and administrative |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 60,089 |
|
|
| 60,089 |
|
Depreciation and amortization |
| 8,050 |
|
|
| 6,191 |
|
|
| — |
|
|
| 14,241 |
|
|
| 10,117 |
|
|
| 24,358 |
|
Loss on sale or disposal of assets and other |
| 17 |
|
|
| 8 |
|
|
| — |
|
|
| 25 |
|
|
| — |
|
|
| 25 |
|
Other operating income |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (1,262 | ) |
|
| (1,262 | ) |
Interest expense |
| — |
|
|
| 71 |
|
|
| — |
|
|
| 71 |
|
|
| 14,815 |
|
|
| 14,886 |
|
Interest income |
| — |
|
|
| (966 | ) |
|
| (1,803 | ) |
|
| (2,769 | ) |
|
| (6,639 | ) |
|
| (9,408 | ) |
Equity in net (income) loss of unconsolidated affiliates |
| — |
|
|
| — |
|
|
| (4,898 | ) |
|
| (4,898 | ) |
|
| 718 |
|
|
| (4,180 | ) |
Other expense (income) |
| (7 | ) |
|
| (220 | ) |
|
| — |
|
|
| (227 | ) |
|
| 604 |
|
|
| 377 |
|
Segment contribution |
| 147,658 |
|
|
| 34,592 |
|
| $ | 6,701 |
|
| $ | 188,951 |
|
|
|
|
| ||||
Income (loss) before income taxes |
|
|
|
|
|
| $ | 188,951 |
|
| $ | (78,442 | ) |
| $ | 110,509 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Nine Months Ended June 30, 2024 | ||||||||||||||||||||||
(in thousands) | U.S. Pawn |
| Latin America Pawn |
| Other Investments |
| Total Segments |
| Corporate Items |
| Consolidated | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Merchandise sales | $ | 348,211 |
|
| $ | 154,019 |
|
| $ | — |
|
| $ | 502,230 |
|
| $ | — |
|
| $ | 502,230 |
|
Jewelry scrapping sales |
| 39,258 |
|
|
| 3,933 |
|
|
| — |
|
|
| 43,191 |
|
|
| — |
|
|
| 43,191 |
|
Pawn service charges |
| 236,499 |
|
|
| 84,943 |
|
|
| — |
|
|
| 321,442 |
|
|
| — |
|
|
| 321,442 |
|
Other revenues |
| 94 |
|
|
| 59 |
|
|
| 35 |
|
|
| 188 |
|
|
| — |
|
|
| 188 |
|
Total revenues |
| 624,062 |
|
|
| 242,954 |
|
|
| 35 |
|
|
| 867,051 |
|
|
| — |
|
|
| 867,051 |
|
Merchandise cost of goods sold |
| 218,736 |
|
|
| 103,944 |
|
|
| — |
|
|
| 322,680 |
|
|
| — |
|
|
| 322,680 |
|
Jewelry scrapping cost of goods sold |
| 33,965 |
|
|
| 3,514 |
|
|
| — |
|
|
| 37,479 |
|
|
| — |
|
|
| 37,479 |
|
Gross profit |
| 371,361 |
|
|
| 135,496 |
|
|
| 35 |
|
|
| 506,892 |
|
|
| — |
|
|
| 506,892 |
|
Segment and corporate expenses (income): |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Store expenses |
| 239,536 |
|
|
| 101,936 |
|
|
| — |
|
|
| 341,472 |
|
|
| — |
|
|
| 341,472 |
|
General and administrative |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 54,869 |
|
|
| 54,869 |
|
Depreciation and amortization |
| 7,548 |
|
|
| 6,821 |
|
|
| — |
|
|
| 14,369 |
|
|
| 10,573 |
|
|
| 24,942 |
|
(Gain) loss on sale or disposal of assets and other |
| (6 | ) |
|
| (240 | ) |
|
| — |
|
|
| (246 | ) |
|
| 97 |
|
|
| (149 | ) |
Other operating income |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (765 | ) |
|
| (765 | ) |
Interest expense |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 10,381 |
|
|
| 10,381 |
|
Interest income |
| — |
|
|
| (1,398 | ) |
|
| (1,811 | ) |
|
| (3,209 | ) |
|
| (5,243 | ) |
|
| (8,452 | ) |
Equity in net (income) loss of unconsolidated affiliates |
| — |
|
|
| — |
|
|
| (4,278 | ) |
|
| (4,278 | ) |
|
| 143 |
|
|
| (4,135 | ) |
Other (income) expense |
| — |
|
|
| (231 | ) |
|
| 27 |
|
|
| (204 | ) |
|
| (423 | ) |
|
| (627 | ) |
Segment contribution | $ | 124,283 |
|
| $ | 28,608 |
|
| $ | 6,097 |
|
| $ | 158,988 |
|
|
|
|
| ||||
Income (loss) before income taxes |
|
|
|
|
|
| $ | 158,988 |
|
| $ | (69,632 | ) |
| $ | 89,356 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
EZCORP, Inc. | |||||||
| |||||||
| Three Months Ended June 30, 2025 | ||||||
| U.S. Pawn |
| Latin America Pawn |
| Consolidated | ||
|
|
|
|
|
| ||
As of March 31, 2025 | 542 |
| 742 |
|
| 1,284 |
|
New locations opened | — |
| 10 |
|
| 10 |
|
Locations acquired | 3 |
| 40 |
|
| 43 |
|
Locations combined or closed | — |
| (1 | ) |
| (1 | ) |
As of June 30, 2025 | 545 |
| 791 |
|
| 1,336 |
|
|
|
|
|
|
|
|
|
| Three Months Ended June 30, 2024 | ||||
| U.S. Pawn |
| Latin America Pawn |
| Consolidated |
|
|
|
|
|
|
As of March 31, 2024 | 535 |
| 711 |
| 1,246 |
New locations opened | 1 |
| 6 |
| 7 |
Locations acquired | 5 |
| — |
| 5 |
As of June 30, 2024 | 541 |
| 717 |
| 1,258 |
|
|
|
|
|
|
| Nine Months Ended June 30, 2025 | ||||||
| U.S. Pawn |
| Latin America Pawn |
| Consolidated | ||
|
|
|
|
|
| ||
As of September 30, 2024 | 542 |
| 737 |
|
| 1,279 |
|
New locations opened | — |
| 23 |
|
| 23 |
|
Locations acquired | 3 |
| 41 |
|
| 44 |
|
Locations combined or closed | — |
| (10 | ) |
| (10 | ) |
As of June 30, 2025 | 545 |
| 791 |
|
| 1,336 |
|
|
|
|
|
|
|
|
|
| Nine Months Ended June 30, 2024 | |||||||
| U.S. Pawn |
| Latin America Pawn |
| Consolidated | |||
|
|
|
|
|
| |||
As of September 30, 2023 | 529 |
|
| 702 |
|
| 1,231 |
|
New locations opened | 1 |
|
| 20 |
|
| 21 |
|
Locations acquired | 12 |
|
| — |
|
| 12 |
|
Locations combined or closed | (1 | ) |
| (5 | ) |
| (6 | ) |
As of June 30, 2024 | 541 |
|
| 717 |
|
| 1,258 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.
Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:
|
| June 30, |
| Three Months Ended |
| Nine Months Ended | ||||||
|
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| 2025 |
| 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexican peso |
| 18.8 |
| 18.3 |
| 19.5 |
| 17.2 |
| 20.0 |
| 17.3 |
Guatemalan quetzal |
| 7.6 |
| 7.6 |
| 7.6 |
| 7.6 |
| 7.6 |
| 7.6 |
Honduran lempira |
| 25.8 |
| 24.3 |
| 25.7 |
| 24.3 |
| 25.2 |
| 24.3 |
Australian dollar |
| 1.5 |
| 1.5 |
| 1.6 |
| 1.5 |
| 1.6 |
| 1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.
Miscellaneous Non-GAAP Financial Measures
| Three Months Ended | ||||||
(in millions) |
| 2025 |
|
|
| 2024 |
|
|
|
|
| ||||
Net income | $ | 26.5 |
|
| $ | 18.0 |
|
Interest expense |
| 8.5 |
|
|
| 3.5 |
|
Interest income |
| (5.4 | ) |
|
| (2.9 | ) |
Income tax expense |
| 8.2 |
|
|
| 5.0 |
|
Depreciation and amortization |
| 8.0 |
|
|
| 8.2 |
|
EBITDA | $ | 45.7 |
|
| $ | 31.8 |
|
|
|
|
|
|
|
|
|
| Total Revenues |
| Gross Profit |
| Income Before Tax |
| Tax Effect |
| Net Income |
| Diluted EPS |
| EBITDA | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
2025 Q3 Reported | $ | 311.0 |
| $ | 183.6 |
| $ | 34.7 |
|
| $ | 8.2 |
|
| $ | 26.5 |
|
| $ | 0.34 |
|
| $ | 45.7 |
|
Corporate lease termination |
| — |
|
| — |
|
| (1.3 | ) |
|
| (0.3 | ) |
|
| (1.0 | ) |
|
| (0.01 | ) |
|
| (1.3 | ) |
FX impact |
| — |
|
| — |
|
| (0.2 | ) |
|
| — |
|
|
| (0.2 | ) |
|
| — |
|
|
| (0.2 | ) |
Non-recurring foreign tax expense |
| — |
|
| — |
|
| — |
|
|
| 0.8 |
|
|
| (0.8 | ) |
|
| (0.01 | ) |
|
| — |
|
Constant Currency |
| 8.9 |
|
| 4.8 |
|
| 0.8 |
|
|
| 0.1 |
|
|
| 0.7 |
|
|
| 0.01 |
|
|
| 1.0 |
|
2025 Q3 Adjusted | $ | 319.9 |
| $ | 188.4 |
| $ | 34.0 |
|
| $ | 8.8 |
|
| $ | 25.2 |
|
| $ | 0.33 |
|
| $ | 45.2 |
|
| Total Revenues |
| Gross Profit |
| Income Before Tax |
| Tax Effect |
| Net Income |
| Diluted EPS |
| EBITDA | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2024 Q3 Reported | $ | 281.4 |
| $ | 166.7 |
| $ | 23.0 |
|
| $ | 5.0 |
| $ | 18.0 |
|
| $ | 0.25 |
|
| $ | 31.8 |
|
Non-recurring foreign tax expense |
| — |
|
| — |
|
| — |
|
|
| 0.7 |
|
| (0.7 | ) |
|
| (0.01 | ) |
|
| — |
|
FX impact |
| — |
|
| — |
|
| (0.1 | ) |
|
| — |
|
| (0.1 | ) |
|
| — |
|
|
| (0.1 | ) |
2024 Q3 Adjusted | $ | 281.4 |
| $ | 166.7 |
| $ | 22.9 |
|
| $ | 5.7 |
| $ | 17.2 |
|
| $ | 0.24 |
|
| $ | 31.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended | ||||||||
(in millions) | U.S. Dollar Amount |
| Percentage Change YOY |
| U.S. Dollar Amount |
| Percentage Change YOY | ||||
|
|
|
|
|
|
|
| ||||
Consolidated revenues | $ | 311.0 |
| 11 | % |
| $ | 937.5 |
| 8 | % |
Currency exchange rate fluctuations |
| 8.9 |
|
|
|
| 30.9 |
|
| ||
Constant currency consolidated revenues | $ | 319.9 |
| 14 | % |
| $ | 968.4 |
| 12 | % |
|
|
|
|
|
|
|
| ||||
Consolidated gross profit | $ | 183.6 |
| 10 | % |
| $ | 547.5 |
| 8 | % |
Currency exchange rate fluctuations |
| 4.8 |
|
|
|
| 16.1 |
|
| ||
Constant currency consolidated gross profit | $ | 188.4 |
| 13 | % |
| $ | 563.6 |
| 11 | % |
|
|
|
|
|
|
|
| ||||
Consolidated net inventory | $ | 225.5 |
| 31 | % |
| $ | 225.5 |
| 31 | % |
Currency exchange rate fluctuations |
| 1.3 |
|
|
|
| 1.3 |
|
| ||
Constant currency consolidated net inventory | $ | 226.8 |
| 32 | % |
| $ | 226.8 |
| 32 | % |
|
|
|
|
|
|
|
| ||||
Latin America Pawn gross profit | $ | 49.6 |
| 6 | % |
| $ | 141.4 |
| 4 | % |
Currency exchange rate fluctuations |
| 4.8 |
|
|
|
| 16.1 |
|
| ||
Constant currency Latin America Pawn gross profit | $ | 54.4 |
| 16 | % |
| $ | 157.5 |
| 16 | % |
|
|
|
|
|
|
|
| ||||
Latin America Pawn PLO | $ | 70.6 |
| 13 | % |
| $ | 70.6 |
| 13 | % |
Currency exchange rate fluctuations |
| 1.5 |
|
|
|
| 1.5 |
|
| ||
Constant currency Latin America Pawn PLO | $ | 72.1 |
| 16 | % |
| $ | 72.1 |
| 16 | % |
|
|
|
|
|
|
|
| ||||
Latin America Pawn PSC revenues | $ | 31.4 |
| 3 | % |
| $ | 88.9 |
| 5 | % |
Currency exchange rate fluctuations |
| 2.9 |
|
|
|
| 9.6 |
|
| ||
Constant currency Latin America Pawn PSC revenues | $ | 34.3 |
| 13 | % |
| $ | 98.5 |
| 16 | % |
|
|
|
|
|
|
|
| ||||
Latin America Pawn merchandise sales | $ | 56.4 |
| 12 | % |
| $ | 166.5 |
| 8 | % |
Currency exchange rate fluctuations |
| 5.7 |
|
|
|
| 20.2 |
|
| ||
Constant currency Latin America Pawn merchandise sales | $ | 62.1 |
| 23 | % |
| $ | 186.7 |
| 21 | % |
|
|
|
|
|
|
|
| ||||
Latin America Pawn segment profit before tax | $ | 12.4 |
| 20 | % |
| $ | 34.6 |
| 21 | % |
Currency exchange rate fluctuations |
| 1.1 |
|
|
|
| 3.0 |
|
| ||
Constant currency Latin America Pawn segment profit before tax | $ | 13.5 |
| 30 | % |
| $ | 37.6 |
| 32 | % |